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Seagate looking to acquire solid-state drive makers:CFO
July 31, 2012 / 1:06 AM / 5 years ago

Seagate looking to acquire solid-state drive makers:CFO

(Reuters) - Hard disk drive marker Seagate Technology plc (STX.O) is looking to acquire smaller rivals to boost its presence in the solid-state drive (SSD) business, a top executive told Reuters.

Chief financial officer Pat O‘Malley said the company would be interested in buying an SSD maker that has a “significant” share of the enterprise market.

“We look at all technology product providers (for M&A) but what I would say is that on the enterprise SSDs, there’s probably only one of them that really makes any significant money,” he said in response to a question about Seagate’s interest in OCZ Technology OCZ.O.

    O‘Malley denied to specifically comment on speculation about any talks with OCZ.

    Earlier this month, OCZ shares jumped on reports that Seagate is nearing a deal to buy the SSD maker. It’s shares have gained almost 40 percent in value since then.

    “We don’t do any comments on official policy on M&A until it’s done,” he said.

    Seagate and rival Western Digital Corp (WDC.O) dominate the market for hard disk drives (HDD) used in computers, but were late in adopting SSDs — a faster but expensive technology.

    Additional reporting by Zeba Siddiqui; Editing by Eric Meijer

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